- BofA analyst Muneeba Kayani downgraded ZIM Integrated Shipping Services Ltd (NYSE:ZIM) to Underperform from Buy and lowered the price target to $40 (a downside of 8%) from $79.
- The analyst revealed concerns over weaker U.S. demand.
- Kayani states that large U.S. retailers have signaled to weaken spending on goods and excess inventories, and this, along with congestion unwind at U.S. ports, could result in a notable correction in ocean spot rates.
- Price Action: ZIM shares are trading lower by 7.69% at $43.59 on the last check Friday.
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